Taking advantage of today's historically low mortgage rates, the owners of the 265,356-sf, 30-building property plan to use part of the proceeds to pay off existing debt and the remainder for general property expenses, according to a prepared statement from Collateral Mortgage Capital LLC of Birmingham, AL which brokered the loan.
The 10-year loan carries a fixed interest rate of 5.03% amortized over 25 years. Silver Creek and Desert Winds each comprise 152 units in the two-story buildings. The average unit size is 872 sf.
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